If you’re involved in a real estate transactions, you need the services of a qualified mortgage lawyer. It’s important to understand that not all attorneys are the same. A mortgage lawyer specializes in protecting his or her client’s interests in a mortgage transaction. When a mortgage lawyer for Stoddard, New Hampshire or anywhere else represents a client who wishes to take out a mortgage, he or she reviews its terms and advises his client on the nature of the mortgage. They may also represent a client’s interest if there is a problem with the mortgage or it appears that the client might not be able to make mortgage payments.
On the other hand, a Stoddard, New Hampshire mortgage lawyer may also represent lenders, working with them to set mortgage terms and representing the lender in cases of default or foreclosure. In either case, the mortgage lawyer is familiar with mortgage and real estate law and is able to assist in ensuring that a mortgage transaction is legitimate.
If you’re buying a house or refinancing your existing mortgage, there are five primary functions handled by the closing Stoddard, New Hampshire mortgage lawyer during a real estate transaction:
1. The mortgage lawyer will identify any existing liens and encumbrances against the real estate that will need to be satisfied and released at closing. The lender will require an overview of what liens, judgments and mortgages, if any, exist that must be addressed prior to or at closing so it can secure a first lien position on the real estate. The seller is required to transfer good title.
2. The mortgage lawyer will provide title insurance. Title insurance protects the buyer and the lender in the event a problem or defect is discovered in the chain of title. Once the title examination is completed, the mortgage closing attorney prepares the title insurance policy.
3. The mortgage lawyer opens and maintains lines of communication between all of the parties for the real estate closing. The mortgage closing attorney not only talks with lenders, buyers and seller, but will also coordinate with real estate brokers, surveyors, the seller’s mortgage holder, the purchaser’s prospective homeowner’s insurance company and many others.
4. The mortgage lawyer reviews all documents. On the day of closing the mortgage attorney is present to review the various documents associated with the real estate and mortgage loan closing.
5. The mortgage lawyer is responsible for closing on the transaction and distributing all the funds. After review and execution of the necessary documents (deed, mortgage, etc.), the closing mortgage attorney checks the county registry of deeds for a final update of the title, and records the documents.
As you can see, there are a lot of moving parts to a real estate transaction. It is in your best interest to hire an experienced law firm and mortgage lawyer for Stoddard, New Hampshire such as The Law Office of David Rocheford to help you buy or sell your property.
Call The Law Office of David R. Rocheford, Jr., P.C. today or contact us now.